Assertions about account, Auditing

Assertions about account

Assertions about account balances at the duration end:

a) Existence-assets, equity and liabilities interests exist.

b) Obligations and Rights -the entity controls or holds the rights to liabilities and assets are the obligations of the entity.

c) Completeness-all liabilities or assets and equity interests which should have been recorded.

d) Allocation and Valuation -liabilities or assets, and equity interests that are involved in the financial statements at appropriate amounts and any conclusion allocation and valuation adjustments are suitably recorded.

Posted Date: 1/24/2013 7:32:24 AM | Location : United States

Related Discussions:- Assertions about account, Assignment Help, Ask Question on Assertions about account, Get Answer, Expert's Help, Assertions about account Discussions

Write discussion on Assertions about account
Your posts are moderated
Related Questions
Comparison of the Negative and Positive Methods Negative Method According to this method of circularisation, the customer is asked to communicate only when he does not ag

With internal audit we always require to be careful of any manipulations within the company itself. Errors & frauds within the company cannot be denied /overlooked at any cost.

Experts as a source of Audit Evidence Mostly the auditor's work on evidence obtained from along within the entity supported through confirmations from third parties will provi

Reference to an expert in auditor’s report When issuing an unmodified auditor’s report, the auditor must not refer to the work of the expert. This is because such a reference m

Q. Explain about Wash Sale? Wash Sale - A wash sale takes place if stock or securities are sold at a LOSS and seller acquires substantially identical stock or SECURITIES 30 day

General Verification Procedures - Audit Process 1. Get or prepare a schedule for each and every class of liability. Usually this would indicate the makeup of the liability a

What is an external auditor's responsibility in regard to finding fraud?

what is statutory audit and private audit

Valuation and Allocation - Audit Process As we saw assets are usually valued at cost or a valuation less a provision for usage or loss of value.  We have to ensure therefore t